Higher energy prices accelerate inflation
April 30, 2026
Global Korean Post
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Prices surged 21.2% on a monthly basis, the largest price increase for gasoline on record, due to the supply shock resulting from the conflict in the Middle East.
Higher prices for gasoline were the primary driver of the year-over-year acceleration in the CPI, as consumers paid 5.9% more for gasoline in March than they did in the same month the previous year.
The Consumer Price Index (CPI) increased 2.4% year over year in March, up from an increase of 1.8% in February.
Driving faster price growth in headline inflation were higher prices for energy, especially gasoline, due to the conflict in the Middle East.
Excluding gasoline, the CPI rose at a slower pace year over year in March (+2.2%) compared with February (+2.4%).
Energy prices rose 3.9% on a year-over-year basis in March, after decreasing 9.3% in February. On a monthly basis, energy prices rose 13.1% in March.
On a year-over-year basis, consumers paid more for fuel oil and other fuels (+26.1%) in March compared with February due to higher oil prices resulting from the conflict in the Middle East.
Moderating the acceleration in energy prices were lower prices for natural gas (-18.1%), which are largely dependent on North American supply and therefore more insulated from global price changes.
by Global Korean Post
